The largest producer of agricultural equipment in Pakistan, Millat Tractors Limited, said on Thursday that it would be shuttered starting on January 6 (tomorrow) until further notice due to a decline in demand and cash flow issues.
According to a regulatory statement, “the company will remain closed from Friday, January 6, 2023, until further notice due to continuous lower demand for tractors and cash flow problems.”
Prior to Dec. 16, Millat Tractors Limited had said that it would observe Fridays as non-production days (NPDs).
Numerous suppliers of auto parts have stopped selling their products in recent months, citing a variety of problems including decreased demand and recently loosened State Bank of Pakistan (SBP) import restrictions.
